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Director Baltasar Kormákur is in discussions to direct Reykjavik, a historical drama chronicling the 1986 Reykjavik Summit of leaders Ronald Reagan and Mikhail Gorbachev.

Variety reports from Cannes:

Kormákur would take over the long-gestating project that Ridley Scott and Mike Newell once considered directing.

Michael Douglas is attached to star as President Ronald Reagan, a meaty role that will surely spark critical buzz as did his part as Liberace in Steven Soderbergh’s “Behind the Candelabra.”

Kormakur recently wrapped the shoot of Universal’s “Everest” with Jake Gyllenhaal and Josh Brolin, and has said he will next direct the English-language epic tale “Vikings,” which he will co-produce via his Icelandic shingle RVK Studios and a soon-to-be-announced U.S. studio.

Set against the backdrop of the Chernobyl nuclear disaster, “Reykjavik” will depict the meeting of Reagan and Soviet leader Mikhail Gorbachev in Reykjavik to firm up a peace treaty.

Kormakur has previously demonstrated his talent for drawing strong performances from actors in such movies as “Inhale,” “Contraband” and survival drama “The Deep.” Scott Free is producing, Participant Media is in talks to finance the pic and Hanway is handling international sales.

Source: CANNES: Baltasar Kormakur to Direct Michael Douglas-Ronald Reagan Film EXCLUSIVE | Variety.

via IcelandCinemaNow.com